Swiss-based group launch new battery technology that they claim will be a breakthrough for storing excess clean energy, and create 2,500 jobs in the US

Could a long-vacant cigarette factory in North Carolina build the rechargeable battery that will unlock the future of the clean energy economy?

The Swiss-based Alevo Group launched the new battery technology on Tuesday. After spending $68.5m (£42.5m) for the factory, the group said it would spend up to $1bn to develop a system that would get rid of waste on the grid and expand the use of wind and solar power.

The project, a joint venture with state-owned China-ZK International EnergyInvestment Co, aims to ship its first GridBank, its patented battery array, to Guangdong Province this year, going into production on a commercial scale in mid-2015.

The container-sized arrays store 2MW and would be installed on-site at power plants.

Jostein Eikeland, Alevo’s chief executive, said in an interview that the company had an agreement with the Turkish state power authority, and was in discussions with US power companies.